Alphabet has lost about $690 billion in market value since reaching a record $4.84 trillion on May 13, with shares falling nearly 15% to leave the company valued at about $4.15 trillion by the 27th. Investors questioned Alphabet’s artificial-intelligence competitiveness after researcher departures, delays to Gemini 3.5 Pro and heavy infrastructure spending pushed free cash flow negative. Berkshire Hathaway accumulated about 106 million Alphabet shares by June 30, investing roughly $10 billion in the second quarter; Warren Buffett said he personally made the decision. Berkshire Class B shares closed at $505, up 0.5% year to date and trailing the S&P 500 by 12.2 percentage points, as investors weighed Greg Abel’s leadership transition, Berkshire’s cash balance, lack of a dividend and absence of a $100 billion-plus acquisition.